Average Income for Ages 55-64 Revealed: Are You Earning What You Should Be?

Core Insights - The Federal Reserve's Survey of Consumer Finances indicates that income typically rises through midlife, peaking in the late 50s and early 60s [2] - The median household income for Americans aged 55-64 was $82,150 in 2022, the second-highest among age groups, following those aged 45-54 [3][4] - Income disparities exist based on housing and education, with homeowners earning significantly more than renters and those with higher education levels earning more than those without [6][7] Income Statistics - The median household income across all households is reported at $70,260, with homeowners earning a median of $94,040 compared to renters at $42,160 [6] - Families headed by someone with a college degree have a median income of $117,820, while those without a high school diploma earn a median of $32,430 [7] Financial Readiness - Retirement readiness is influenced by a comprehensive financial picture, including savings, home equity, and debt, rather than income alone [5] - Entrepreneurship and trade skills are highlighted as viable paths to financial success, suggesting that individuals can achieve wealth without a college degree [8]